Houses are selling.
National Association of Realtors’ (NAR) annualized numbers from the Existing Sales Report says 14,000 homes sell every day in this country. That means 14,000 yesterday, 14,000 today and 14,000 tomorrow!
Most of the country is still showing sales below last year. This year’s sales are compared against the expiring home buyer tax credit last year which pulled sales from later in the year into the first quarter. But guess what? Here in Sussex County Delaware for the 1st Quarter of 2011 we are up 8% in units against last year in the sales of single family homes. And that too is up against numbers where people were buying early in the year to take advantage of the tax credit.
Total sales in the 1st Quarter for single family homes were up 11%. This year we sold 474 units versus last year’s 434. Properties sold for 93% of the list price and averaged 232 days on the market.
Condos and townhomes were down 6% in Sales, sold for 94% of the list price and averaged 316 days on the market.
Mobile home sales were down and sold for 85% of list price and averaged 229 days on the market.
Lot sales were up in units by 9% but down in sales $$. They sold for 82% of list price and averaged 442 days on the market.
Most of the data releases going forward will be compared against last year and will look REALLY GOOD since the folks bought early last year to take advantage of the tax credit pulling those sales from the later months.
Most analysts believe we will actually start turning the corner in the second half of 2011. Maybe here in Sussex County we are already on our way. Watch for future editions of Just the Facts.